Bloomberg News

Hungary Sees No Reason for Stringent IMF Conditions, Varga Says

June 22, 2012

Hungary’s government doesn’t expect the International Monetary Fund and the European Union to set stringent conditions during talks on financial aid, Mihaly Varga, the country’s chief bailout negotiator, said.

“We think that a precautionary credit line wouldn’t make strict conditions necessary,” Varga said in an interview on public television channel M1 late yesterday. “In the case of a standby credit line, these could be more strict,” he said.

Hungary submitted amendments to a disputed central bank law yesterday as the government seeks to restart talks on a precautionary credit line. Negotiations will probably focus on the financing of public transportation companies, local councils and the tax system, Varga said.

“I trust that Parliament can approve the central bank law amendments within two weeks, after which I see no substantial obstacle to the start of negotiations,” Varga said.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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